Investor Leonard Riggio has liquidated most of his position, reducing selling pressure on the shares.
But Mr. Riggio said dollar-slice pizza presented less of a threat to the classic slice than rising rents.
Riggio will talk with the board about the price of the buyout.
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Mr. Riggio's plans with respect to a proposal are set forth in an amendment to his Schedule 13D filed today with the SEC.
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As for the original bookstore chain, its chairman, Leonard Riggio earlier this year said he wanted to buy its 700-strong chain himself, but not the e-book reader.
Bids are being solicited and the possibility of a Riggio family-led takeover may lead to yet another battle between the company and outside activist shareholders.
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Students picketed in front of Pizza Suprema when owner Salvatore Riggio raised the price to 25 cents from 20 cents in the early 1970s, his son Joseph recalled.
There can be no assurance that the review of Mr. Riggio's proposal or the consideration of any transaction will result in a sale of the retail business or in any other transaction.
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The Company does not intend to comment further regarding the evaluation of Mr. Riggio's proposal, unless and until definitive agreements for a transaction are entered into or the Strategic Committee determines to conclude the process.
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"We can't comment further on Len Riggio's plan to make a proposal to purchase the retail business other than to confirm ongoing discussions between Len and the strategic committee of the board, " Lynch said Thursday.
It may be too early to tell who the clear frontrunner is, but two parties with a vested interest in the outcome are Chairman, founder and majority stockholder LeonardRiggioLeonard Riggio and billionaire Ron Burkle.
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"When you want to sell hot dogs, fried chicken, gyros and pizza, it's probably a good bet that you're not going to get a good slice of pizza, " said Mr. Riggio, who left his job as a lawyer to run the pizzeria after his father died in 2007.
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